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August 09, 2014, 08:28:07 PM |
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Hi there,
I'm in the process of securing funding to create, what I believe, will be a revolutionary new alt coin.
The idea:
Currently, the work processed by miners for coins has no meaning outside the blockchain for that specific coin. My new coin will have a modular design and allow for new work to be added and computed. This idea is not *completely* new. Coins like Riecoin, Primecoin, Namecoin, etc, have been doing this same idea. However, even though their processing work that is meaningful, most of them have been fairly useless. I want to create something that doesn't just process some math works and have meaning to a few people. I want to process work for a broad audience and potentially change the world.
For example:
A group of students at a university have an idea that needs a lot of CPU/GPU time and they are unable to secure computing time on a supercomputer. As a solution, they create a module for my coin and allow people to volunteer their processing time to compute for them. This work is computed and while it still confirms transactions on the network, it also computes the specific type of data they need.
So, we get transactions confirmed and we also help a project at the same time.
The work is not limited to academic work. Anything that requires CPU/GPU time can be added. Password recovery, data encoding/decoding, etc.
Current status:
Currently all the coin does is crack password hashes. I figured this would be a good starting point as it gives incentive to both CPU and GPU miners as not all hashes are generated optimally by GPU.
What I'd like to bounce off people for ideas:
1. The work module system
Should it be coded in C? Should it be scripting based?
Advantages to C:
a. Fast
b. Allows for modular design
Advantages to scripting based:
a. Easy
b. Appeals to a broader audience due to scripting being easier than actual programming
2. Payment
How do we decide payment for each work module? Should each module pay out the same?
3. Work delegation
Should we allow certain modules to be selected to work on or should it work in a round-robin type system where each project gets a fair share of work from the network
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I'd like to hear what people think about this and if you have any ideas of your own, PLEASE, feel free to interject. This project will be posted to BTCJam shortly as soon as all my identification stuff is processed.
Guys, This is a really revolutionary idea and could change the way alt-coins are made. Think of all the hashing time that is dedicated to these coins and is essentially wasted because all it does is compute useless hashing to verify transactions. If we can change this work to something MEANINGFUL.. Hell, we could cure cancer. We could process SETI data. The possibilities are ENDLESS.
Thanks for reading this.
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